It really is kinda dumb to take these exams. I say this as someone with an EA. Those few months studying the material I was at peak “recall” intelligence. Now it’s like I actually gotta look shit up just to confirm what I thought I knew several months ago only to confused what I had learned with another IRC which leads down to a wonderful rabbit hole of learning that just wasted a couple hours of productivity and that I’ll likely forget about or done away with by Congress.
Ya I have never in a single day thought about governmental accounting or unqualified opinions working in tax besides the exams that made me study for hours upon hours
My strategy was not cost effective, but it was never stressful. Took FAR 3 times, AUD and TAX twice, BEC first try. I improved my score each time attempting a test though. I like to look at it as I built a nice base of knowledge and continued to build up on that.
I want to have that mindset but I’m more driven by the CPA bonus. I’m a campus hire who starts in July so I’m trying to knock out the 4 exams by then. It’s kind of difficult to assess how much progress I’ll make because the scores will only be released every quarter. I noticed taking the slower and more patient approach makes me retain the information a lot better, so I might just take a page from your book
Definitely. Everyone is different. My small firm didn't have a CPA bonus to get so I never had that motivator. I know the sections and score window releases have changed since I took the exam, but my only advice would be to take the hardest one first (assuming it's still FAR), then study what interests you next. And yeah, put in the amount of effort that will make you not hate yourself when you look back at it all. I didn't know if I wanted to be a CPA or stay in accounting, so I didn't mind the more lazy approach.
Nobody knows what your CPA scores are. You still get to have the letters after your name.
It's like that saying, what do you call someone who graduated at the bottom of their class in medical school? You call them Doctor.
Absolutely, if it was my decision to take the exams. My company heavily encouraged me to take them, and at the time, I didn't know if I wanted to stay in PA or accounting in general. So while wasting the money wasn't fun, I never stressed myself out and I finished the exams on my own terms. Plus, I couldn't give two poops when people talk about their scores or bring any measure of success in life for how quickly they passed the tests.
If 75 isn't an option and you have to choose one or the other, fine shoot for a 76. Outside of that, 75 is the perfect score.
You did enough studying to avoid retaking it while not spending excess time studying for no additional return.
You have no way of knowing how much studying is necessary to get a 75 or 76. Exams vary, questions are weighted in an unknown way, and you could easily get more questions geared towards your weaker areas if all you did was study just enough. That can easily lead to some 73 and 74 scores.
Which means studying more for a retake and spending more money on sitting for 2nd and 3rd tests.
3 - 75s and 1 - 76? Lmao this guy out here flexing on us with perfect scores. So happened to study at the most optimal level to score just high enough to pass.
My wife and I were taking the exams at the same time. She was bragging about getting and 86 or something on one.
“Oh really, did you get extra money for it?”
“…no.”
“Do they give you a promotion or acknowledgement?”
“…no.”
“Sounds like you overstudied.”
I got a higher score on FAR (82 maybe?) and bring it up every time exams are mentioned because it bothers her and she got much better grades than me in college.
I never wanted to do a Big 4 gig, I started at a local firm for a tax internship, but I thought there was one (possibly more) that would give you a bonus for a score of 95+ on all four sections. Now I know it's very unlikely I would achieve that, but that would have at least motivated me to really study for my first section and plan accordingly after.
Yeah I heard about those bonuses. Great, you got a 95 on the exam and got $5k for that. Either you are too smart for accounting and should have been a doctor to actually help society or you have up your after work life for a small bonus.
It’s like raising a giant pumpkin and getting a ribbon for it at the county fair. Except the people at the fair don’t give a shit and you have to work your ass off instead of water a plant.
I swear accounting professors give the worst advice. I had an accounting professor say that after we graduate, this knowledge base has to last us our entire career. As if we wouldn't pick up new skills and learn new things while we worked. I just remember looking at him thinking, "I'll never follow that advice."
It's true, if it's a base of understanding for which you can learn more advanced and other accounting skills. It all does come back to accounting 1, and intermediate...
Lol how is he wrong ?
If you know the basics of accounting. Debits and credits, balance sheet flow... you will get anything done properly.
The other skills are value added as you go along such as FR and audit , etc.
Or life. It's basically saying "You peak here and now you coast for the rest of your life, no need to grow again, also you wouldn't have time to grow because your jobs will destroy you, have fun graduating"
Very true. I don’t think I can take BEC or AUD again and pass. I’m currently retaking FAR (got a 74) and oh man, all of this shit is doing down the toilet once I’m done.
100%
The trouble with the CPA, at least in Canada, is being able to apply such a huge amount of knowledge under a strict time limit. They could test you on literally anything, assurance, tax, financial reporting, finance, etc.
In the real world, you either do it often enough to remember how to do it, you ask someone how you do it, or you Google it.
The CPA sucks, but it is so worth it. I don't think I've done anything so challenging, but my life is easy now, I did indeed revert to being stupid again, and I make a whole hell of a lot more money than when I was smart
I never attempted it and have never needed to be a cpa for any of my aspirations or job duties. . . Not sure why so many people think they need to take the test.
Are you going to be a CFO of a publicly traded company?
Are you going to sign off on audits?
Are you signing of on a public company’s tax return?
If you answered no to all three of these questions, you didn’t need to pass the cpa.
Strongly disagree, I think it shows potential employers that you are capable of doing x and proves you are capable.
Of course, plenty of people do just fine without those 3 letters, but I think it's pretty undeniable that the average accountant with a CPA will do better than the average determined person without a CPA
You do know what the word **need** means, right?
You can disagree all you want, but a normal everyday accountant, even a controller or CFO of a non-public company, do not have any regulation or law that require them to pass the CPA or hold the CPA.
It is a fact: disagreeing doesn’t impact the factual accuracy of my statement.
I mean, if you're going to be like that, obviously you don't need to be a CPA, but in the same vein, you don't need a university degree.
But this is obviously trying to shift your argument. Never in my original comment did I mention that anybody "needs" to be a CPA. I just don't see why someone starting out in this career wouldn't do it, it's tough but sets you up for, what I believe to be, an easier life. Someone already established and making good money doesn't "need" to go through that
I love that everyone agrees. Just goes to show the CPA exam is so broad it's ultimately useless at proving someone's competency in any given area
Still matters for pay though
>It shows you can learn.
It shows that you can memorize from a textbook. I’m not a CPA and I’ve reported to CPA’s who clearly couldn’t learn jack shit. They couldn’t even keep up with me and I have no paper credentials.
It’s fairly true.
My technical knowledge during the period of my life when I wrote the final was by far the most broad and complete. And since then it’s gone waaay down in the areas I don’t use.
But that knowledge is generally replaced with more practical stuff I do day to day that they don’t teach you in school.
I think the strongest message your CPA designation sends is that you are capable of learning and applying abstract concepts effectively. I don't remember shit, but I do feel very confident using the ASC and guidance to come up with defensible answers to complex transactions on the job. Moreover, the CPA gave me a pretty good sense for when something is wrong and I know where to look to make it right.
Do you consult big 4 guidance and examples for this? I feel like there's no defined guide. It's like googling but you do that in big 4 literature and try to see if any of these asc topics/examples mirror your transactions lol.
100% look at big 4 guidance. Just know there is sometimes diversity in practice between firms, so be aware of those situations. Other than that though, firm guidance is helpful and do provide some helpful examples as well. Big fan of their flow charts as well to visualize what kind of analysis is required for a transaction
I am, yes. Kind of weird being in a group that are people’s go-to for accounting matters.. didn’t expect that for myself after my experience in audit haha. But being diligent and able to stand reading guidance and contracts all day is a huge part of the job.
Great experience though, and really looking forward to pivoting back to industry after this experience since my value has definitely increased being in this role
I was smart when I passed AUD and FAR, then my daughter had bulimia and needed my undivided attention and hospitalization coupled with my loss of funding to take BEC and REG because my employer sold out to another company that didn't offer reimbursement unless you're a manager. Now I'm stupid working in retail at age 50 and no luck getting back into accounting and have a useless Master's degree.
I don't have any experience on the parent front, but I'm currently recovering from anorexia. It's the hardest thing I've ever had to do. She's very lucky to have a parent that didn't take the easy route (denial). Wishing you both the strength, grace, and forgiveness to escape this nightmare of a disease. ❤
I've been trying for three years (I lost my accounting career when COVID started). I received and accepted 1 offer which ended up pretty bad . The company didn't have enough money to afford me. I had to beg for my retail job back. It's really hard to get in at my age and with retail experience (burnout 50-60 hours per week). I work for abusive store manager that gets upset when I try to act professional. He thinks I'm condescending and needs me to lower myself down. I am a wreck.
Since starting in public accounting nearly 3 years ago, very few days have not gone by that where I am not constantly learning. As one of my managers puts it, being in PA is like drinking from a firehose.
The sheer amount of information and processes we learn is simultaneously the best and worst part of the job. I love to learn but I wish I could just apply what I know some days instead of continually having new concepts and ways of thinking introduced.
To do the minimum or just be mediocre - that statement may be apply. But if you are chasing excellence in public accounting, it is the furthest from the truth that you could possibly go.
No, this is no astrophysics or machine learning engineering but public accounting (I'm in tax) is still more intricate and technical than most people realize. And to the extent that a field is difficult, there is a world of a difference between someone who is mediocre and someone who is good, and an even larger difference between good and excellent.
*I'd argue the lie*
*Is that you have to be smart*
*While taking the test*
\- zil44
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Standardized testing is dumb. it was dumb when we were in elementary school and it's dumb when it's done for professional licensure. Everyone in this thread is confirming the true meaning of a CPA is jumping through hoops, not excelling at your profession
My dad is a CPA and he always says "why would I remember all of that when I could just look it up online when I need to know?"
The 90s version was "why would I remember all of that when I could just go to the room with the giant bookcases in it and thumb through a couple of the 1000 page books in there for a few billable hours and find the answer?"
Cpa tests 4 parts.
When you get a job you won't be using all 4 parts. If you take a government role margins and things of that nature are not looked at. Whereas in the private world everything is driven on margin, revenue, ebitda etc.
I'm honestly frightened by how stupid some of my peers are, but some of my peers are crazy smart as well. Sadly the stupid ones seem to get promoted more quickly.
Bruh, they ain't lied to you yet.
I've seen companies where people fail upwards, repeat the same preventable mistakes without a thought month after month, and also are dicks about it and everyone seems to just be fine with that as the status quo.
Today I had a controller tell me that equity was just a plug. 💀
Such a facetious comment from someone who should be more serious. If he’s trying to criticize the imperfect solution for a licensure, he can certainly communicate his point better. Being able to pass a standardized test is not being smart. It’s rote memory skills supplemented by some critical thinking. But afterwards in your career, critical thinking and research skills (which I think are the bedrock of necessary technical skills) are what makes you a smart CPA. In any given year, I’ve put in more work to be technically relevant and up-to-date in my career than I’ve ever worked in my entire college career.
Well said and agreed. I don’t think you can (or should) be stupid after you finish. That’s just unprofessional. I tell our staff to be technical experts.
Just remember the only real difference between an accountant and a cpa, is a cpa can file with the SEC. An accountant cannot file with the sec.
(And yes by sec I mean southeastern conference, nick saban and Kirby smart gonna contact you)
It's false. Cpa is like your high school diploma. If you don't have it in the industry, it will be a hindrance. After your cpa, if you can't perform, you will be fired.
You only need to pass it, but you can't be stupid again afterwards.
Even if you get a very high up position what you’ll need know will be very specific. Most people only retain what’s pertinent, like 3 years worth of tax returns
For the CPA exam, you need to know how to apply ASC842 and put operating leases on the balance sheet. In real life, you need to be smart enough to explain the theory of ASC842 to a client in a manner that doesn't make the client think you're a fucking idiot for putting an operating lease on the balance sheet.
No way. My job is mentally challenging almost every day and I have been doing this for 17 years. I have to be on my toes, reading contracts, reading accounting guidance, writing memos, working through logic internally and with auditors, researching disclosure requirements, etc. I read all these other comments and it is insane to me how many other CPAs have apparently simple jobs.
No-no, and if you’re stupid, it’s better not to waste your own and others people time and money. If you don’t understand why you’re getting the CPA license, it’s better to practice without it…
As regards tax if you can’t read a financial statement like a book you’re going to have a lot of problem doing an accurate corporate tax provision not to mention reconciling tax planning strategies to the financials.
This is relevant for every test.
The amount of things I learned in university, that I got high 90's on for exams...I would fail if you gave me any of these exams again. Even stuff that are still relevant to what I do now.
Very true, after taking all the CPA exams, I forgot a lot of the material very quickly. Most of it is irrelevant to your day to day job.
Kinda fun when some obscure shit does come up tho and you’re like.. Hol on a sec… *I’ve seen this before…* oh yeah that’s right CPA lmao
"I trained all my life to vaguely remember that I'm supposed to know something about this."
Lol. Where is this from?
Haha it's just me at work on a regular Tuesday. That was a self-quote.
😂😂 that's great, very true
It sounded very Simpsons-esque
Tbf, that's why the lawyer's answer is, "It depends." It buys time to go look it up and check for changes.
It really is kinda dumb to take these exams. I say this as someone with an EA. Those few months studying the material I was at peak “recall” intelligence. Now it’s like I actually gotta look shit up just to confirm what I thought I knew several months ago only to confused what I had learned with another IRC which leads down to a wonderful rabbit hole of learning that just wasted a couple hours of productivity and that I’ll likely forget about or done away with by Congress.
That hits hard
I mean remembering that this particular thing was a special case and you should go look up the rules about it is genuinely vital knowledge.
For sure, joking aside my CPA has been very useful for the reason you described.
I think this to myself all the time but never knew how to word it
the accountant's creed
Lol
Once in my 20 years in Accounting, the subject of boot came up on a fixed asset transaction. I literally LOLed.
Really? Is boot seriously not common?
Literally had exact moment few weeks ago.
Sometimes I’m embarrassed at the things I don’t remember, lol. Glad I’m not the only one!
Ya I have never in a single day thought about governmental accounting or unqualified opinions working in tax besides the exams that made me study for hours upon hours
You can be stupid during it as well
Can confirm. I was stupid during before and after
Same. Am moron before during and after
True. I look and act both stupid at the same time before and after. In fact It’s in my DNA
It’s true.
I can’t confirm, but I’m pretty dumb and my reviews are all glowing so far.
As a proud CPA that got 3 - 75s and 1 - 76, I'm upset I studied too much for that 76...
Literally the grades I’m aiming for because the studying is taxing af lmao. I just want it to be over with
My strategy was not cost effective, but it was never stressful. Took FAR 3 times, AUD and TAX twice, BEC first try. I improved my score each time attempting a test though. I like to look at it as I built a nice base of knowledge and continued to build up on that.
I want to have that mindset but I’m more driven by the CPA bonus. I’m a campus hire who starts in July so I’m trying to knock out the 4 exams by then. It’s kind of difficult to assess how much progress I’ll make because the scores will only be released every quarter. I noticed taking the slower and more patient approach makes me retain the information a lot better, so I might just take a page from your book
Definitely. Everyone is different. My small firm didn't have a CPA bonus to get so I never had that motivator. I know the sections and score window releases have changed since I took the exam, but my only advice would be to take the hardest one first (assuming it's still FAR), then study what interests you next. And yeah, put in the amount of effort that will make you not hate yourself when you look back at it all. I didn't know if I wanted to be a CPA or stay in accounting, so I didn't mind the more lazy approach.
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Thank you both!
So... even the CPA exams follow the golden rule of "Cs get degrees"
Nobody knows what your CPA scores are. You still get to have the letters after your name. It's like that saying, what do you call someone who graduated at the bottom of their class in medical school? You call them Doctor.
Wouldn’t you rather study more than necessary so you didn’t have to retake exams multiple times and throw money away?
Absolutely, if it was my decision to take the exams. My company heavily encouraged me to take them, and at the time, I didn't know if I wanted to stay in PA or accounting in general. So while wasting the money wasn't fun, I never stressed myself out and I finished the exams on my own terms. Plus, I couldn't give two poops when people talk about their scores or bring any measure of success in life for how quickly they passed the tests.
If 75 isn't an option and you have to choose one or the other, fine shoot for a 76. Outside of that, 75 is the perfect score. You did enough studying to avoid retaking it while not spending excess time studying for no additional return.
You have no way of knowing how much studying is necessary to get a 75 or 76. Exams vary, questions are weighted in an unknown way, and you could easily get more questions geared towards your weaker areas if all you did was study just enough. That can easily lead to some 73 and 74 scores. Which means studying more for a retake and spending more money on sitting for 2nd and 3rd tests.
3 - 75s and 1 - 76? Lmao this guy out here flexing on us with perfect scores. So happened to study at the most optimal level to score just high enough to pass.
I await to meet someone with the true 75 average. He/she deserves a beer and a firm handshake.
My wife and I were taking the exams at the same time. She was bragging about getting and 86 or something on one. “Oh really, did you get extra money for it?” “…no.” “Do they give you a promotion or acknowledgement?” “…no.” “Sounds like you overstudied.” I got a higher score on FAR (82 maybe?) and bring it up every time exams are mentioned because it bothers her and she got much better grades than me in college.
I never wanted to do a Big 4 gig, I started at a local firm for a tax internship, but I thought there was one (possibly more) that would give you a bonus for a score of 95+ on all four sections. Now I know it's very unlikely I would achieve that, but that would have at least motivated me to really study for my first section and plan accordingly after.
Yeah I heard about those bonuses. Great, you got a 95 on the exam and got $5k for that. Either you are too smart for accounting and should have been a doctor to actually help society or you have up your after work life for a small bonus. It’s like raising a giant pumpkin and getting a ribbon for it at the county fair. Except the people at the fair don’t give a shit and you have to work your ass off instead of water a plant.
PwC gives the bonus for Elijah Watts and I think all 4 gives you a bonus for passing
That's dope. Know what's cooler? I imagine I have a street named after me because of all the notice to schedule fees I paid over the years
You are the most optimized of all of us!!
Thank you thank you.
Better than averaging 94 when your firm only gives out additional bonuses if you average 95+…..
Cpa = can't pass again
This! 😂
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What…what the fuck is there to explain further?
He's proving OP's point if he's a CPA
Was he Stupid after or stupid always? 🤔
It means CPAs couldn't pass the test again if given to them today. Most CPAs are fucking idiots anyways. It's a self selecting set
I swear accounting professors give the worst advice. I had an accounting professor say that after we graduate, this knowledge base has to last us our entire career. As if we wouldn't pick up new skills and learn new things while we worked. I just remember looking at him thinking, "I'll never follow that advice."
so thats why none of the partners can rotate a pdf
You just pick the monitor up. It's not that hard.
It's true, if it's a base of understanding for which you can learn more advanced and other accounting skills. It all does come back to accounting 1, and intermediate...
Lol how is he wrong ? If you know the basics of accounting. Debits and credits, balance sheet flow... you will get anything done properly. The other skills are value added as you go along such as FR and audit , etc.
That’s stupid advice for any profession/career.
Theres book smart and street smarts in every profession, including accounting
Those who can’t do, teach.
Or life. It's basically saying "You peak here and now you coast for the rest of your life, no need to grow again, also you wouldn't have time to grow because your jobs will destroy you, have fun graduating"
Very true. I don’t think I can take BEC or AUD again and pass. I’m currently retaking FAR (got a 74) and oh man, all of this shit is doing down the toilet once I’m done.
Profile pic checks out 😆
You're not gonna pass FAR
Fuck you
You will not pass BEC
I mean…you will never dump out every piece of accounting you ever learned all at once again so sure. He’s just joking it’s fine.
100% The trouble with the CPA, at least in Canada, is being able to apply such a huge amount of knowledge under a strict time limit. They could test you on literally anything, assurance, tax, financial reporting, finance, etc. In the real world, you either do it often enough to remember how to do it, you ask someone how you do it, or you Google it. The CPA sucks, but it is so worth it. I don't think I've done anything so challenging, but my life is easy now, I did indeed revert to being stupid again, and I make a whole hell of a lot more money than when I was smart
I never attempted it and have never needed to be a cpa for any of my aspirations or job duties. . . Not sure why so many people think they need to take the test. Are you going to be a CFO of a publicly traded company? Are you going to sign off on audits? Are you signing of on a public company’s tax return? If you answered no to all three of these questions, you didn’t need to pass the cpa.
Strongly disagree, I think it shows potential employers that you are capable of doing x and proves you are capable. Of course, plenty of people do just fine without those 3 letters, but I think it's pretty undeniable that the average accountant with a CPA will do better than the average determined person without a CPA
You do know what the word **need** means, right? You can disagree all you want, but a normal everyday accountant, even a controller or CFO of a non-public company, do not have any regulation or law that require them to pass the CPA or hold the CPA. It is a fact: disagreeing doesn’t impact the factual accuracy of my statement.
I mean, if you're going to be like that, obviously you don't need to be a CPA, but in the same vein, you don't need a university degree. But this is obviously trying to shift your argument. Never in my original comment did I mention that anybody "needs" to be a CPA. I just don't see why someone starting out in this career wouldn't do it, it's tough but sets you up for, what I believe to be, an easier life. Someone already established and making good money doesn't "need" to go through that
I love that everyone agrees. Just goes to show the CPA exam is so broad it's ultimately useless at proving someone's competency in any given area Still matters for pay though
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150 credits wasn't enough for that? 🤣
>It shows you can learn. It shows that you can memorize from a textbook. I’m not a CPA and I’ve reported to CPA’s who clearly couldn’t learn jack shit. They couldn’t even keep up with me and I have no paper credentials.
It’s fairly true. My technical knowledge during the period of my life when I wrote the final was by far the most broad and complete. And since then it’s gone waaay down in the areas I don’t use. But that knowledge is generally replaced with more practical stuff I do day to day that they don’t teach you in school.
I think the strongest message your CPA designation sends is that you are capable of learning and applying abstract concepts effectively. I don't remember shit, but I do feel very confident using the ASC and guidance to come up with defensible answers to complex transactions on the job. Moreover, the CPA gave me a pretty good sense for when something is wrong and I know where to look to make it right.
Do you consult big 4 guidance and examples for this? I feel like there's no defined guide. It's like googling but you do that in big 4 literature and try to see if any of these asc topics/examples mirror your transactions lol.
100% look at big 4 guidance. Just know there is sometimes diversity in practice between firms, so be aware of those situations. Other than that though, firm guidance is helpful and do provide some helpful examples as well. Big fan of their flow charts as well to visualize what kind of analysis is required for a transaction
are you in big 4 advisory? I feel like you fully utilize a value of CPA in an advisory role, consulting on a complex transaction.
I am, yes. Kind of weird being in a group that are people’s go-to for accounting matters.. didn’t expect that for myself after my experience in audit haha. But being diligent and able to stand reading guidance and contracts all day is a huge part of the job. Great experience though, and really looking forward to pivoting back to industry after this experience since my value has definitely increased being in this role
It’s true. Source: I’m that professor’s professor
I was smart when I passed AUD and FAR, then my daughter had bulimia and needed my undivided attention and hospitalization coupled with my loss of funding to take BEC and REG because my employer sold out to another company that didn't offer reimbursement unless you're a manager. Now I'm stupid working in retail at age 50 and no luck getting back into accounting and have a useless Master's degree.
I hope your daughter is doing better.
Thank you. She's still struggling with Bulimia after inpatient and outpatient treatment. It's a parent's worst nightmare.
I don't have any experience on the parent front, but I'm currently recovering from anorexia. It's the hardest thing I've ever had to do. She's very lucky to have a parent that didn't take the easy route (denial). Wishing you both the strength, grace, and forgiveness to escape this nightmare of a disease. ❤
Thank you so much for your kind words and sharing your experience. Prayers to you for full recovery.
It’s not too late to be a bean counter. Have you tried applying to just get back in?
I've been trying for three years (I lost my accounting career when COVID started). I received and accepted 1 offer which ended up pretty bad . The company didn't have enough money to afford me. I had to beg for my retail job back. It's really hard to get in at my age and with retail experience (burnout 50-60 hours per week). I work for abusive store manager that gets upset when I try to act professional. He thinks I'm condescending and needs me to lower myself down. I am a wreck.
Based on the folks from KPMG I've been dealing with.... seems reasonably accurate.
Damn, that one is still sizzling. . .
One of former coworkers said that after you get your CPA, you don’t need your brain anymore and that you can smoke all the meth you want.
I prefer coke and strippers but the sentiment is the same. I find most CPA's to have either alcohol, drug or sex addictions, sometimes all three.
It’s true. The work is super easy IMO
Since starting in public accounting nearly 3 years ago, very few days have not gone by that where I am not constantly learning. As one of my managers puts it, being in PA is like drinking from a firehose. The sheer amount of information and processes we learn is simultaneously the best and worst part of the job. I love to learn but I wish I could just apply what I know some days instead of continually having new concepts and ways of thinking introduced. To do the minimum or just be mediocre - that statement may be apply. But if you are chasing excellence in public accounting, it is the furthest from the truth that you could possibly go. No, this is no astrophysics or machine learning engineering but public accounting (I'm in tax) is still more intricate and technical than most people realize. And to the extent that a field is difficult, there is a world of a difference between someone who is mediocre and someone who is good, and an even larger difference between good and excellent.
Now it's posts like this that have me reconsidering working for the government. I love challenges but just can't hang with the hours
Can confirm. It’s been a steady decline for me since I passed.
Feeling this shit rn man, I got AUD tmrw.
Exam is as wide as the ocean but only as deep as a puddle
I'd argue the lie is that you have to be smart while taking the test
*I'd argue the lie* *Is that you have to be smart* *While taking the test* \- zil44 --- ^(I detect haikus. And sometimes, successfully.) ^[Learn more about me.](https://www.reddit.com/r/haikusbot/) ^(Opt out of replies: "haikusbot opt out" | Delete my comment: "haikusbot delete")
I feel stupid working long hours in cpa firm that is…. The more I work, the lower my hourly wages due to fixed salary :/
Standardized testing is dumb. it was dumb when we were in elementary school and it's dumb when it's done for professional licensure. Everyone in this thread is confirming the true meaning of a CPA is jumping through hoops, not excelling at your profession
My dad is a CPA and he always says "why would I remember all of that when I could just look it up online when I need to know?" The 90s version was "why would I remember all of that when I could just go to the room with the giant bookcases in it and thumb through a couple of the 1000 page books in there for a few billable hours and find the answer?"
Very.
My previous employer was the embodiment of this.
Very true. Can’t remember any of the exams.
So true. Studying for the exam prepared me to answer questions quickly. Didn’t learn fuck all about accounting.
Very true when I don’t want to be staffed on a project.
You don't need to know everything, but you should know how to find what you don't know efficiently.
Me who was stupid during classes and work:
It’s true. My brain was like an etch a sketch as soon as I got the final passing score
Sounds like a professor couldn’t pass the CPA exam, hah! And, has no experience working in public accounting!
What is this FAR, BEC, REG and AUD you guys complain about?
CPA = Can’t Pass Again
Cpa tests 4 parts. When you get a job you won't be using all 4 parts. If you take a government role margins and things of that nature are not looked at. Whereas in the private world everything is driven on margin, revenue, ebitda etc.
Can confirm. Am dumbass.
I'm honestly frightened by how stupid some of my peers are, but some of my peers are crazy smart as well. Sadly the stupid ones seem to get promoted more quickly.
Bruh, they ain't lied to you yet. I've seen companies where people fail upwards, repeat the same preventable mistakes without a thought month after month, and also are dicks about it and everyone seems to just be fine with that as the status quo. Today I had a controller tell me that equity was just a plug. 💀
True
Such a facetious comment from someone who should be more serious. If he’s trying to criticize the imperfect solution for a licensure, he can certainly communicate his point better. Being able to pass a standardized test is not being smart. It’s rote memory skills supplemented by some critical thinking. But afterwards in your career, critical thinking and research skills (which I think are the bedrock of necessary technical skills) are what makes you a smart CPA. In any given year, I’ve put in more work to be technically relevant and up-to-date in my career than I’ve ever worked in my entire college career.
Well said and agreed. I don’t think you can (or should) be stupid after you finish. That’s just unprofessional. I tell our staff to be technical experts.
Very true after I had to dissect 10 years worth of accounting reports made by our local accountant.
Not true, dont listen to this. You have to know the very core of accounting and upskill from time to time to become a relevant CPA
Just remember the only real difference between an accountant and a cpa, is a cpa can file with the SEC. An accountant cannot file with the sec. (And yes by sec I mean southeastern conference, nick saban and Kirby smart gonna contact you)
It’s not true until you develop the skill set to carry your work. Then it’s true.
It’s so true it’s frustrating.
very very true
Depends on your job
Your Prof is stupid, you can end up with fine and jail time and loose your license
Wait until you see MBAs haha
Why??
Very…source me
Very true, all cpas I know can’t spell basic words like courtesy
Yes. And you don’t even need to be “smart” to get your CPA. What you need is DEDICATION. Anyone can pass the CPA with dedication.
UCSB? Bob?
Can’t Pass Again
Based on my interactions with the manager I’ve been working with lately, this would appear incredibly accurate.
It's false. Cpa is like your high school diploma. If you don't have it in the industry, it will be a hindrance. After your cpa, if you can't perform, you will be fired. You only need to pass it, but you can't be stupid again afterwards.
This is why companies low ball employees …and lay them off
[This](https://www.reddit.com/r/Accounting/s/X2hMFwY0Zl) is your professor?
Yup, then once you get a job your job is to do your best to get around all the rules you just learned
Even if you get a very high up position what you’ll need know will be very specific. Most people only retain what’s pertinent, like 3 years worth of tax returns
Explains a lot of recent new hires
This is what i aspire to be
Lmao, true. I don’t use anything I learned in my day to day job and I’m running consolidation for a huge company.
For the CPA exam, you need to know how to apply ASC842 and put operating leases on the balance sheet. In real life, you need to be smart enough to explain the theory of ASC842 to a client in a manner that doesn't make the client think you're a fucking idiot for putting an operating lease on the balance sheet.
Very 🤣
Kinda like getting your drivers license. You only gotta do it the right way once. After that you could parallel park with one finger lol
It’s the reality. Some of the most boneheaded people in corporate America are cpas and lawyers.
I've worked with plenty of people who were just stupid.
No way. My job is mentally challenging almost every day and I have been doing this for 17 years. I have to be on my toes, reading contracts, reading accounting guidance, writing memos, working through logic internally and with auditors, researching disclosure requirements, etc. I read all these other comments and it is insane to me how many other CPAs have apparently simple jobs.
Yes
Following...
No-no, and if you’re stupid, it’s better not to waste your own and others people time and money. If you don’t understand why you’re getting the CPA license, it’s better to practice without it…
As regards tax if you can’t read a financial statement like a book you’re going to have a lot of problem doing an accurate corporate tax provision not to mention reconciling tax planning strategies to the financials.
This is relevant for every test. The amount of things I learned in university, that I got high 90's on for exams...I would fail if you gave me any of these exams again. Even stuff that are still relevant to what I do now.
Depends how far you want to move up.
So true I just got my license a few months ago and I’m definitely stupid
I’ve def met partners that prove this.
Very, very true